Keppel Puravankara Development Pvt Ltd (KPDL), a joint venture between Puravankara and Keppel Land, has entered into agreements to acquire a prime 7.635 acres site in Yeshwantpur, Bangalore, from Metro Cash & Carry India Pvt Ltd (MCCIN), the realty firm said in a regulatory filing.

Realty firm Puravankara on Monday announced that its JV firm with Singapore-based Keppel Land will buy 7.6 acre of land in Bengaluru from Metro Cash & Carry India for Rs 405 crore. The land will be used for the development of commercial project, comprising 1.18 milion sq ft of leasable area.

Keppel Puravankara Development Pvt Ltd (KPDL), a joint venture between Puravankara and Keppel Land, has entered into agreements to acquire a prime 7.635 acres site in Yeshwantpur, Bangalore, from Metro Cash & Carry India Pvt Ltd (MCCIN), the realty firm said in a regulatory filing.

"The total consideration is approximately Rs 405 crore. The total consideration includes the cost of approximately Rs 80 crore for KDPL to construct a 1,60,000 sq ft retail-cum-office facility on the land, which will be handed over to MCCIN," it added.

The Grade A office development will be managed by KPDL upon completion. The deal was facilitated by property consultant CBRE.

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"Over the last couple of years, there has been a conscious effort to diversify Puravankara's existing commercial portfolio. This commercial project, for the development of the mixed-use project is in line with our strategic plan to expand Puravankara's commercial presence over the next five years," said Ashish R Puravankara, MD, Puravankara Ltd.

He said the demand for office and retail space, is on an upward trajectory and yielding good returns, especially in Bengaluru.

"We believe that this upcoming project, with its prime location, will become a landmark in Yeshwantpur. We are very confident of the runaway success of this venture," Puravankara said.

Sam Moon Thong, President (Regional Investments), Keppel Land, said, "India is one of the fastest growing major economies in the world, while Bengaluru, as one of the primary hubs for the technology industry, is among the largest and fastest-growing office markets in the country".

Bengaluru has recorded the highest office space absorption in the Asia-Pacific region in the past five years, he added.

Stating that Puravankara has a strong network and keen understanding of the local market, he said the acquisition will further augment Keppel Land's commercial portfolio.

Strategically located in the prime commercial hub of Yeshwantpur, Bengaluru, the site is about 5 km northwest of Bengaluru's city centre.

Puravankara Ltd is a leading real estate company in India, with presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune.

The company has close to 37 million sq ft of projects which are completed and delivered out of which 66 are residential and commercial projects. With close to 21 million sq ft of projects which are under development, the total land assets of the company nears 72 million sq ft.

Keppel Land is Asia's premier home developer, with a pipeline of about 50,000 homes in Singapore and overseas.